Unit 7 review Questions and Answers 2023

Unit 7 review Questions and Answers 2023 They can be authorized by an agent or producer All of the following statement about endorsements are correct except The uniform simultaneous death act The insured and the primary beneficiary are in a horrible car accident, and both die on the scene. Which of the following solves the problem of "who died first?" assuming that the primary beneficiary died first? It would be adjusted to a lower face amount Tim filled out an insurance application stating that he was 40 years old when in fact he was 43 years old. According to the misstatement of age provision, how would his insurance policy be adjusted? An irrevocable beneficiary can be changed with written consent from the policyowner All of the following statements about an irrevocable beneficiary are true except Per capita Tina and William have a policy with a death benefit that is distributed equally among all surviving members of their immediate family. Which of the following beneficiary designations did they choose? Absolute assignment Leah owned a life insurance policy, and she decided that she wanted to transfer that policy to her son when he turned age 18. Which of the following assignments did Leah choose? Something of value Consideration is a legal term meaning Up to 31 days Suzanne and her spouse Bill were unable to make a premium payment in January. How long do they have to make a payment until their coverage will lapse? 10 days According to the free look provision, how many days does a policyowner have to return a policy for any reason? The incontestability provision Which of the following provisions states that after a life insurance policy has been in effect for 2 years, the company cannot claim that a statement made in the application was meant to defraud the insurer? Natural disasters Which of the following is not a common exclusion in life insurance policies? The entire contract When denying or paying a lcicm, which of the following what is insurer will look at when making her decision? Weekly Which of the following is not a mode of premium payment? The full face amount will be paid If an insured commits suicide 3 years after the effective date on his policy, how will his life insurance be paid? The insurer All of the following are parties to a trust except